Aspects of Asia

Aspects of Asia, March - May 2019

Navigating the TBML Minefield: The Aftermath of India’s Largest Bank Fraud

March 28, 2019April 22, 2019 /Leave a comment

Twelve years after the Financial Action Task Force’s first advisory report,1 trade-based money laundering (TBML) remains the most sophisticated method to launder illicit funds and move “value” within/across country borders, in the guise of legitimate trade transactions. Hundreds of billions of dollars are laundered via...

Aspects of Asia, December 2018 - February 2019

AML in Asia: 2018 in Review

December 20, 2018January 4, 2019 /Leave a comment

The world seems more chaotic. Every day, there are money laundering and counterterrorism stories in the newspapers. The U.S. and European papers are filled with stories about the failures at Danske Bank, ING, Deutsche Bank and Credit Suisse, whereas the Asian newspapers are filled...

Aspects of Asia, September - November 2018

APG Anti-Money Laundering Mutual Evaluation—Satisfactory Achievements and Future Effectiveness of Macau

September 18, 2018 /Leave a comment

The Asia/Pacific Group on Money Laundering (APG), in its annual meeting held on July 19, 2017, adopted the mutual evaluation report of the Macau Special Administrative Region (Macau SAR) of China. The report reviewed the effective manner of implementing measures for anti-money laundering (AML),...

Aspects of Asia, Interviews, June - August 2018

Shalini Pavithran: The Impact of MSBs in Malaysia

June 26, 2018 /Leave a comment

ACAMS Today had the opportunity to speak with Shalini Pavithran, chief executive officer (CEO) of the Malaysian Association of Money Services Business (MAMSB), about how the money services business (MSB) industry has grown and the unique challenges it presents to the Asia-Pacific region. As...

Aspects of Asia, March - May 2018

Milestone: Recent AML Developments in Taiwan

March 20, 2018 /Leave a comment

In 1996, Taiwan enacted the Money Laundering Control Act (MLCA). It was the first jurisdiction across Asia to set forth an anti-money laundering (AML)-specific legislation. In 1997, Taiwan became one of the founding members of the Asia/Pacific Group on Money Laundering (APG). However, throughout...

Aspects of Asia, March - May 2018

Seismic Monitoring and Testing: Detecting a Compliquake

March 20, 2018 /Leave a comment

One of the key elements of an anti-money laundering (AML) program is to have an independent audit function to test the AML program. Compliance testing and monitoring addresses that requirement and although they both serve a similar purpose, they are independent from the organization’s...

Aspects of Asia, September – November 2017

The “Risk-Based” Principle of AML Management

September 19, 2017September 19, 2017 /Leave a comment

The “risk-based” anti-money laundering (AML) principle was first promoted by British regulatory authorities. In January 2000, the Financial Services Authority (FSA) was the first to put forth such a concept in its book titled A New Regulator for the New Millennium. Since then, the principle...

Aspects of Asia, June – August 2017

Effectively Auditing the Four Pillars of the Screening Process

June 9, 2017 /Leave a comment

To combat money laundering and terrorist activities, financial regulatory authorities are becoming stricter on the implementation of a robust anti-money laundering/counter-terrorist financing (AML/CTF) program across financial institutions. The number of penalties and fines levied by regulatory authorities have been growing in the past few...

Aspects of Asia, March - May 2017

Hiding in Plain Sight

March 6, 2017 /Leave a comment

Challenges in the Identification of Ultimate Beneficial Owners and Trade-Based Money Laundering in Indian Context Illicit financial flows through developing countries due to trade-based money laundering (TBML) is one of the most pressing challenges facing policymakers across the globe and India is no exception....

Aspects of Asia, December 2016 – February 2017

AML in Asia: 2016 in Review

December 9, 2016 /Leave a comment

This year’s anti-money laundering and counter-terrorist financing (AML/CTF) efforts in Asia have been broad in scope in both the regulatory and industry sectors. The commitment to AML/CTF in this region is especially reflected in recent regulatory and enforcement actions in the key financial centers...

ACAMS Today

The Magazine for Career-minded Professionals in the Anti-Money Laundering Field

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